Gold has been trading in the range for a long time, now, as Fed is about to make rate decision and it's also time for President Trump to give his decision on Tarriff on China's goods. It's time for Gold to break the range.
As seen on the chart, on the bigger time frame, Gold is ranging in a big Triangle and it's only move about just 1/2 of the length of the Triangle which hints that it is likely that Gold will break to the downside.
The biggest support and magnet for Gold is the price range of $1400.
The strategy: Sell Limit if the price reach 1480 , or sell stop in case price go below 1458.
Timing: this Wednesday (GMT) when Fed announce the rate decision.
Follow me for further update and other trade ideas.
As seen on the chart, on the bigger time frame, Gold is ranging in a big Triangle and it's only move about just 1/2 of the length of the Triangle which hints that it is likely that Gold will break to the downside.
The biggest support and magnet for Gold is the price range of $1400.
The strategy: Sell Limit if the price reach 1480 , or sell stop in case price go below 1458.
Timing: this Wednesday (GMT) when Fed announce the rate decision.
Follow me for further update and other trade ideas.
Comment:
The price is moving as planned.